“Australia’s ageing population was cited as the country’s greatest demographic challenge in the 2021 Intergenerational Report. By 2060–61, the number of Australians aged 65 years and older will double to 8.9 million, comprising 23% of the population. As Australians are living longer, they are also working later into their lives. For the first time in history, the workforce now comprises five generations.”
- State of the Service Report 2021-22, Australian Public Service Commission
In 1992 the life expectancy for Australians at birth was 74.5 years for males and 80.4 years for females. Now, the Australian Bureau of Statistics (ABS) is reporting life expectancy as 81.2 years for males and 85.3 years for females. So, in the past 30 years, the life expectancy for males and females has risen by 6.7 and 4.9 years respectively. In correlation with this increase is the average age of retirement. In 1997 the average age of leaving the labour force was 50, compared to 56.3 years from 2020-2021.
These two factors combined mean that it’s highly likely for different teams, departments, and workplaces to be made up of people from five different generations, working alongside each other simultaneously. This age diversity, otherwise known as a multigenerational workforce, presents numerous benefits to employers, which not all workplaces are yet to harness.
What is a multigenerational workforce?
A multigenerational workforce is one in which employees span a variety of different generations. Whilst having many different generations present within your workplace provides numerous benefits, not many workplaces have focussed on the significant advantage of age diversity.
What are the benefits of a multigenerational workforce?
“The three greatest advantages of recruiting older workers in 2021 were identified as being: Experience (76.9%), Professional knowledge (64.4%) and Age diversity (34%), yet nearly a quarter of Australian businesses don’t actively implement any recruitment practices to encourage age diversity.’
- Employing older workers report 2021, Australian HR Institute
Collaboration between different generations can yield several key benefits, including:
- Knowledge sharing: different generations bring diverse perspectives, strengths, and experiences to the table. By sharing these, individuals can grow their skillset and develop professionally.
- Different perspectives: different generations can have distinct ways of approaching a task, which when shared cohesively can generate new learning opportunities and growth.
- Personal connection: no matter the generation a person belongs to, they can find a meaningful connection with another person – no matter their age. Multigenerational workplaces offer employees the opportunity to connect with others, strengthening workplace bonds, increasing job satisfaction and employee retention.
- Long-term sustainability: essential company knowledge can be shared and handed down between the generations. This establishes long-term successor planning and a sustainable future when talent and knowledge is retained within the business.
- Mentoring opportunities: mentors who have unique and indispensable life experience can on-share these insights to others and provide key career guidance. But these opportunities also give mentees a space to voice their perspectives and ideas, which can be mutually beneficial for both individuals.
How can your business encourage and support a multigenerational workplace?
“To manage these differences effectively, organizations must first understand the various generations and, ultimately, their interaction and engagement with each other.”
- Critical elements for multigenerational teams: a systematic review
To effectively employ and engage a multigenerational workplace, Great Place to Work, the global authority on workplace culture, suggests the following:
- Have regular check-ins make it a habit to check in regularly with employees — and be sure to make your check-ins not just about work, but about life.
- Clear up miscommunications language evolves, and it’s easy for employees from different backgrounds or age groups to have vastly different interpretations of a message. Ensure that everyone understands different communication styles and how they can be misinterpreted.
- Capitalize on each generation’s skills and knowledge every generation brings a unique life experience to the workplace, from the skills they learned in school to the world events they witnessed. Find ways to help each generation thrive in the areas they already know, as well as to learn new skills from the generations before and after. Develop a mentorship program where more senior employees can nurture and guide their younger coworkers. This two-way exchange not only gives younger generations the feedback they crave, but it also helps people connect and see past pre-conceived differences.
- Skip the stereotypes some boomers are tech-savvy. Some millennials dislike working remote. Gen Z employees can be new parents. Encourage open and honest conversations in the workplace about age stereotypes.
- Provide inclusive benefits some benefits, such as fertility benefits and parental leave, are generally (although not exclusively) geared to one generation. But there are countless ways for employers to ensure their benefits span the full age range of their employees. For example, you could provide paid time off for pet owners who don’t have “traditional” caregiving needs but need to care for a sick pet.
- Be a leader for all each generation wants different things from its leaders. For managers of multigenerational workforces, it’s important to keep these expectations top of mind. While it’s impossible to be everything to everyone all the time, having an awareness of what each generation wants in a leader, and striving to meet those expectations, will ensure each generation stays engaged.
A multigenerational workforce enables synergies, with each generation delivering complementary benefits to each other. Learn more about this topic by visiting Great Place to Work.
